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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 118689
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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What constitutes full payment of a debt especially regarding

Customer Question

What constitutes full payment of a debt especially regarding endorsements and proper name of recipient.
JA: You just pay a $5 deposit now and the rest only when you get a reply from the lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.
Customer: Ok
JA: What state are you in? It matters because laws vary by location.
Customer: This is for the state of Kentucy
JA: Has anything been filed or reported?
Customer: It's part of io oops.
JA: Anything else you want the lawyer to know before I connect you?
Customer: it's part of ongoing litigation
Submitted: 11 months ago.
Category: Legal
Customer: replied 11 months ago.
It's been 24 hours. Where's my answer?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Can you please clarify your situation and your question? Thank you.
Customer: replied 11 months ago.
I received a payout check for some privately held stock. They claim I didn't accept their payout within a 30 day window. My counterclaim is:
1) the check they sent needed 2 endorsements to be cashed - but it only had one endorsement. Ergo uncashable.
2) the check was addressed solely to my wife, but the stocks were held by a joint trust (my wife and I) and should have been made out to the trust. Since I own an equal share of the trust, I essentially have never been paid. Ergo the 30 day window is not binding.They claim our response on day 31 after the above mentioned uncashable check is still binding. My argument is that the invalid check did not start the 30 day process and our compliance on day 31 should still be valid due to their inability to provide proper and complete payment.
This is under Kentucky law jurisdiction.
Your thoughts?
Expert:  Law Educator, Esq. replied 11 months ago.
Thank you for your reply.
If they sent you a payment which was improper and could not be cashed, because it did not contain proper endorsements and it was not made out to the proper payees, then that is no different than you sending a check to your creditor that is unsigned, it is like no payment was made. Thus, the 30 day window could not be started if they did not send you a negotiable instrument that could not be cashed and that is the whole issue here. Sending you a negotiable instrument that is not negotiable because of a defect requires them to correct the defects to start the 30 day window and they cannot hide behind sending a non-negotiable check and saying you had 30 days from that to cash it.
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